IRC Section 962 election and GILTI tax - Spidell

IRC Section 962 election and GILTI tax

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Message Board IRC Section 962 election and GILTI tax

This topic contains 3 replies, has 2 voices, and was last updated by Teresa Crivello 2 weeks, 1 day ago.

  • Author
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  • #181489
    Teresa Crivello
    Participant

    I am preparing a tax return which includes the required GILTI from my client’s ownership in a foreign corporation.  I am looking to prepare the IRC 962 election and have the income be taxed at the corporate rate and claim foreign taxes paid on the income.

    I use the Lacerte program and asked support how to proper input with regards to having the income taxed at the lower corporate rate.  After numerous calls to software support there is not a rep that can assist me.

    Is there anyone out there that has make an IRC Section 962 election and uses the Lacerte program?  If so, any help would be much appreciated.

    Thank you,

    Teresa Crivello

    310-283-7649

  • #181520
    Jamie Mechulam Castiel
    Participant

    Hi Teresa, my name is Jamie M Castiel,
    we also use Lacerte and have the same issue.
    Started to work on S corporation and individual return
    with a fcc. Although I did not yet start the return,
    I did see that Lacerte does have those two forms
    I will contact you when i work on it

  • #181561
    Teresa Crivello
    Participant

    Jamie,

    Thank you for your response.  Another CPA has also reached out to me to inform me she is also working on the same issue.  I will let you know what I find out once I speak to her.

    Thank you,

    Teresa

    310-283-7649

  • #183938
    Teresa Crivello
    Participant

    Jamie,

    Have you made any headway regarding this issue?

    I have called Lacerte numerous times hoping to get a rep that could assist me.  I have spent well over 5 hours on the phone with various reps and no one knows how to assist with the input.

    Please let me know if you have made any progress.

    Thank you,

    Teresa